Tuesday, August 30, 2011

Fortis Mobile Money Hires Fundamo For Nigeria Deal

Nigeria's microfinance bank Fortis Mobile Money, which has been granted a licence to roll out mobile money services, has engaged Fundamo, a Visa company, to help deploy its mobile money offerings throughout the country.

CEO of Fortis Money Henry Nwawuba said the company would leverage Fundamo's understanding of 'bottom of the pyramid' mobile money services to provide low-value and high-volume mobile financial services to Nigeria's huge underserved population.

With a population of over 140 million people, only 28 million bank accounts and over 70 million mobile subscribers, Nigeria offers a platform for growth in mobile money.